LTC Descending Wave 5 (Heading Near Zero BTC Value)

The data does not look good for LTC. I would strongly reconsider holding this asset over the next six months in your portfolio.

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My view remains unchanged. LTC is now heading toward max fibo support. After that there is support at 0.010000 BTC. From there its game over...

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All you Litecoin'ers! Pay attention to this chart.

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Litecoin investors please pay attention to this chart :S

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Wahoooo!

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Touched support at 0.010000 BTC. We should watch to see if we bounce or breach this level as this will reflect in the LTCUSD pair.

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We've hit the support zone here, which will give some stability in the LTCUSD chart..

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The big question now is whether or not the H&S will activate...hmmm

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We kissed the top of the descending channel. A decision has to made here; breakout or breakdown?

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Let's take a closer look here:

Entering and breaking through the key fibo box could lead to a break of the major key fibo! That would activate the gigantic head and shoulders :( There is a trendline there, though, so that adds support.
Lets watch what happens here:

IF we get a bounce from the fibo levels or the trendline we may have a nice buy opportunity. :)

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Uptrend line is broken

USD view:

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Head and Shoulders activated! Here's a closer look again. Fibo extensions provide short-term support for the market.

USD view: we are at the major uptrend line. A break will unlock selling!

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Why would you bother trading LTC??

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Uptrend broken

Down to max consolidation range?

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Nice countercyclical bounce! Is it over now?

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Yep...its over now....

Trader6127

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Trader6127